FG Announces N1,350 Petrol at NNPC Stations for 30 Days, Opposition Describes Move as Deceit

The Federal Government has announced a discount on petrol at filling stations owned by the Nigerian National Petroleum Company Limited, NNPC, for the next 30 days.

The government said designated NNPC stations will sell petrol at N1,350 per litre, with the price to be reviewed monthly.

Minister of Finance, Mr Taiwo Oyedele, disclosed this while addressing newsmen in Abuja on Wednesday. He said the measure will prioritize public transporters nationwide and is not a return to fuel subsidy.

According to him, government will sell petrol at a ceiling cost and is negotiating a ceiling price of N1,350 per litre on the ex-gantry or landing cost to keep fuel prices stable.

He said the initiative is an arrangement to sell petrol at cost to cushion the impact of global crude oil price shocks on vulnerable households.

The minister also warned that reintroduction of blanket fuel subsidy could push petrol price to N2,000 per litre and weaken the naira to N3,000 per dollar, with risks of credit downgrade and capital flight.

Oyedele explained that deregulation has made domestic refining viable and helped sustain supply. He said over 120,000 vehicles now run on compressed natural gas, CNG, with more than 400 conversion centres and 96 refueling stations across the country.

He added that the Federal Government is investing in a National Strategic Fuel Reserve to protect households and businesses from future energy shocks. He clarified that the naira was not devalued but depreciated due to depletion of reserves to defend an artificial exchange rate.

Meanwhile, the Presidency said the NNPC discount measure has the backing of President Bola Tinubu. Special Adviser on Information and Strategy, Bayo Onanuga, said the measure is not a blanket subsidy but a targeted intervention to ensure reform gains reach more Nigerians. He said NNPC Retail already sells at the lowest price in the market and will implement the new price within 30 days.

The announcement has drawn criticism from opposition parties.

Former Vice President and African Democratic Congress, ADC, presidential candidate, Alhaji Atiku Abubakar, rejected the 30-day discount, describing it as a temporary political fix. He asked what happens on day 31 when Nigerians return to high prices and questioned how the savings would translate to lower transport fares.

The Nigeria Democratic Congress, NDC, through its National Publicity Secretary, Osa Director, described the move as tokenism and packaged deceit, saying it cannot address the hardship caused by subsidy removal.

The ADC Presidential Campaign Council, through its Director of Media and Publicity, Kola Ologbondiyan, also dismissed the discount as a desperate attempt to bribe Nigerians ahead of the 2027 elections, arguing that the government has capacity to provide relief but allowed Nigerians to suffer for over 800 days.

The Federal Government said it is also working on fiscal measures to bring inflation to single digits sustainably.